Youth Leap Account Application Open from August 1 to 14 via Participating Bank Apps
Partial Withdrawal Service and Credit Score Bonus Available for Account Holders After Two Years
The Korea Inclusive Finance Agency announced on July 28 that the application period for the August Youth Leap Account will be open from August 1 to August 14.
The Youth Leap Account can be applied for each month through the participating bank's application (app), where applicants must go through an eligibility verification process to open an account. For this round, single-person households who have received notification of eligibility can open an account from August 21 to September 12, while households with two or more members can open an account from September 1 to September 12.
Launched in June 2023 to support the mid- to long-term asset building of young people, the Youth Leap Account is a savings product that allows flexible monthly deposits up to a limit of 700,000 KRW for five years. The government provides additional contributions for each monthly deposit. When the interest earned at maturity, government contributions, and tax exemptions are converted to a standard savings interest rate, the effective annual rate can be as high as 9.54%.
During the July application period, a total of 168,000 people applied (including reapplications), bringing the cumulative number of applicants to 3,439,000. As of July 25, a cumulative total of 2,202,000 accounts have been opened.
In addition, from July, the Korea Inclusive Finance Agency is offering partial withdrawal services and credit score bonus points for those who have maintained their accounts for more than two years.
The partial withdrawal service is available to account holders who have maintained their Youth Leap Account for more than two years and need urgent funds. It can be used once during the account period, within a limit of up to 40% of the total amount deposited. For more detailed information, please contact the customer service center of your bank.
Furthermore, account holders who have maintained their Youth Leap Account for more than two years and have deposited at least 8 million KRW, and who have agreed to provide information to the credit information concentration agency, will automatically receive a credit score bonus of 5 to 10 points according to the detailed criteria of the credit evaluation company.
For more detailed information about the Youth Leap Account, please refer to the Youth Leap Account website or the Korea Inclusive Finance Agency website, or contact the Inclusive Finance Call Center or the customer service center of the participating bank.
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